Financial Aid

Office of Financial Aid

Main Office
  finaid@udc.edu | phone 202.274.5060 | fax 202.274.6060

Office Hours
8:30 to 5 Mon – Fri (extended hours during Registration)

UDC FAFSA School Code: 007015


Physical Address and Walk-in Assistance

Flagship Community College
4200 Connecticut Ave. NW
Bldg. 39, Suite A-111
Washington, DC  20008   
801 North Capital St. NE
3rd Fl, Room 305
Washington, DC 20002

William D. Ford Federal Direct Loan Program

Starting July 1, 2010, The University of the District of Columbia will begin participation in the William D. Ford Federal Direct Loan Program (Direct Loan). All borrowers will now receive loans through the Direct Loan program including students and parents who have previously borrowed from the Federal Family Education Loan (FFEL) Program. The lender will be the U. S. Department of Education. 

In order to apply for a Direct Loan the below steps are required:

  • You must complete the Free Application for Federal Student Aid (FAFSA) online at: www.fafsa.ed.gov . After completing the FAFSA you must have a valid Student Aid Report on file. It may be necessary for the Office of Financial Aid (OFA) to request additional documentation from the student and/or parent (if dependent) or the student and/or spouse (if independent).
  • All first-time borrowers at the University of the District of Columbia with the Direct Loan program must complete the online Master Promissory Note (MPN) and the Entrance Counseling at: www.studentloans.gov.  You will be required to have a Federal Student Aid Pin.

*Parent PLUS borrowers are not required to complete the Entrance Counseling.*

  • Must be enrolled half-time (at least 6 credits). 

Types of Direct Loans

  • Subsidized – Based on demonstrated need.  Borrower is not responsible for the interest while in school at least half time (minimum 6 credits), during the six month grace period or during periods of deferment.
  • Unsubsidized – Doesn’t require the borrower to demonstrate need.  Borrower is responsible for interest that accrues from the time of disbursement until the loan has been paid in full.  Interest can be paid while borrower is enrolled or capitalized (allows the borrower to not make interest payments and the interest accrues).
  • PLUS (Parent & Graduate)
    • Parent may borrow unsubsidized loan for dependent undergraduate student
      • Parent is either the biological or adoptive parent.
      • The maximum a parent may borrow is the cost of attendance minus any financial aid the student is receiving.
or,
    • Graduate student may borrow an additional unsubsidized loan
      • The maximum PLUS a graduate may borrow is equal to the cost of attendance minus any financial aid being received.

*Plus borrowers cannot have an adverse credit history.  A credit check will be initiated. There is no grace period.

Interest rates for loans disbursed July1, 2010 through June 30, 2011 are fixed at:

Undergraduate Subsidized:  4.5%
Undergraduate Unsubsidized:  6.8%
Graduate Subsidized and Unsubsidized:  6.8%
Graduate and Parent PLUS: 7.9%

Students and/or parents who borrow from the Direct Loan program have the ability to access their Direct Loan account information 24 hours a day, 7 days a week on the web at: www.dl.ed.gov.

MAXIMUM ANNUAL LOAN LIMITS

Dependent  Subsidized and/or Unsubsidized Additional Unsubsidized Eligibility
Freshman $3,500 $2,000
Sophomore $4,500 $2,000
Juniors & Seniors $5,500 $2,000

     
In addition to the amounts listed above, a dependent student mayqualify for an additional unsubsidized loan, if the parent has beendenied the Federal PLUS loan.

Independent Undergraduate Subsidized and/or Unsubsidized Additional Unsubsidized Eligibility
Freshman $3,500 $6,000
Sophomore $4,500 $6,000
Juniors & Seniors $5,500 $7,000

 

 

 Subsidized and/or
Unsubsidized

 Additional Unsubsidized
Eligibility

Graduate $8,500 $12,000

AGGREGATE LOAN LIMITS

Undergraduate
Dependent Students
$31,000 (No more than $23,000 may be subsidized)
Undergraduate
Independent Students
$57,500 (No more than 23,000 may be subsidized)
Graduate & Professional Students $138,500 (No more than $65,000 may be subsidized)